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Money Lending by Councils #1004423
15th Mar 2016 12:31am
15th Mar 2016 12:31am
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granny Offline OP
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granny  Offline OP
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According to a local newsletter, WBC are lending money again. After 2013 when deals were negotiated to lend 35.5 million to other councils, we see that they are now about to lend a further 3 council a total of 5 million at 0.5% interest.
Altogether , Wirral Council now has 73 million invested elsewhere and are set to raise Council Tax by a possible 4% rise.

Does anyone else consider this to be strangely ludicrous , considering the bleating, the blaming and the robust continuation of threats to services that they 'apparently' can't afford ?


Last edited by granny; 15th Mar 2016 12:32am.

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Re: Money Lending by Councils [Re: granny] #1004424
15th Mar 2016 1:09am
15th Mar 2016 1:09am
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Birkenhead
diggingdeeper Offline

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The council does have to keep reserves and can't just eat into them unless they have some sort of idea how they will reverse the process in the future.

However .... these ridiculously low interest rates they offer other councils is robbing us imho.

The council also borrows money (at higher interest rates than they lend) which is really absurd.


We don't do charity in Germany, We pay taxes. Charity is a failure of governments' responsibilities - Henning Wehn
Re: Money Lending by Councils [Re: granny] #1004425
15th Mar 2016 7:40am
15th Mar 2016 7:40am
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venice Offline

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venice  Offline

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Can remember the days when Irish councils (possibly here too) were borrowing money through bonds offered to the public @ 16%

Re: Money Lending by Councils [Re: granny] #1004443
15th Mar 2016 2:16pm
15th Mar 2016 2:16pm
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Birkenhead
diggingdeeper Offline

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diggingdeeper  Offline

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Warrington council re-introduced public bonds last year, also the Local Government association has started an agency whose purpose is to issue municipal bonds.

For years the councils used to issue 6% council mortgages but I guess these aren't viable at the moment because mortgage rates have bottomed at the 1.5% margin which we are currently experiencing.

Ultra low inflation stagnates society, it should be somewhere between 4% and 7% inflation to ensure the money flows around. At the moment money is flowing round in circles in the money market but isn't in the social market.


We don't do charity in Germany, We pay taxes. Charity is a failure of governments' responsibilities - Henning Wehn
Re: Money Lending by Councils [Re: diggingdeeper] #1004470
15th Mar 2016 8:29pm
15th Mar 2016 8:29pm
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oldpm01 Offline
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Wish they would use some money to fix all the potholes on Brimstage road - its shocking


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